An investor who bought XRP Coin at its peak in January 2018 has been in a loss for about 5.5 years. Moreover, there is no guarantee that the price will reach that level again. As concerns about the future of XRP Coin price escalate due to increasing circulating supply and a maximum supply of 100 billion, a popular cryptocurrency analyst has revealed his price predictions.
Latest Development in XRP Coin Lawsuit
The Securities and Exchange Commission’s (SEC) battle with Ripple (XRP) reignited after the final appeal application. On August 18, the SEC filed a motion for interim appeal. Now, the parties will submit their opposition documents by September 1.
SEC argued that a temporary appeal is necessary instead of a traditional appeal because “immediate appeal of both decisions made it more likely that this Court would evaluate remedies for all violations for which Defendants might ultimately be held responsible in a single proceeding.”
Ripple’s CTO stated:
“Any party losing on any claim or issue in a case has the right to seek appellate review of the adverse decisions at the conclusion of the case. The SEC seeks interlocutory review here because the case has not concluded for any party.”
There are numerous minor decisions in lawsuits, and appeals usually take at least a year. If each decision were appealed by the “losing” party, one party would have to halt the main case for a year every time they appealed. This would result in the case lasting for years. Therefore, Ripple encourages one or both parties to appeal all adverse decisions once the case is concluded. This is the normal rule, allowing all appeals to be addressed in a single proceeding.
SEC is trying to convince the second circuit that the summary judgment on July 13 has implications for other crypto cases. After September 1, a decision will be made on the interim appeal. If the appeals process is approved and initiated, it will mark a risky period for XRP Coin. News in September seems to increase XRP Coin price volatility in any case. Technical indicators point to $0.94 in the positive scenario and $0.32 in the opposite scenario. It is likely that one of these levels will be tested next month.
Expert Opinion on XRP Coin
Cryptocurrency analyst and Ripple (XRP) investor Egrag Crypto paints a much more optimistic picture of the popular altcoin. On February 22, Egrag Crypto said to his followers, “Personally, I have a strong belief that XRP will dominate in the (crypto) market.” He asked:
“If you are satisfied with XRP being third or fifth in the general market, why do you continue to invest? XRP is the only cryptocurrency supported by regulatory clarity and well-defined legal definitions. The combination of technology and regulatory clarity makes XRP the most important investment.”
According to Egrag Crypto, Ripple has performed well in the past two years due to strong community support. According to the chart, the price target points to an ambitious goal of $125. However, multiplying the total supply of 100 billion by $125 indicates that this is impossible for XRP Coin. Even for the price of $5, XRP would have to surpass the current market value of BTC, which is $500 billion.
